Dharma’s Proposal is a Threat to Uniswap
Today, October 12th, 2020, Dharma launched the first proposal on Uniswap, entitled ‘Reduce UNI Governance Proposal & Quorum Thresholds’ and the name alone should set off red flags for any investor holding Uni.
You can find the proposal here: https://app.uniswap.org/#/vote/1
While Dharma has won the race to submit the first proposal and we congratulate them on that; we stand STRONGLY opposed to this governance initiative.
Dharma, with it’s massive voting power of 15 million votes [in one address alone], already presents a threat to Uniswap’s sovereignty without this proposal, which will so powerfully entrench them in Uniswap governance they might as well just outright own the DEX.
Dharma seeks, through this governance initiative, to lower the quorum such that they could achieve it with only the top two delegates [themselves and gauntlet]; they do this under the pretext that these changes to the governor will allow Uniswap’s governance to function better and allow little guys to participate…but if you’ve been following the Penguin Party, you should know we were just about to launch Autonomous Proposals for Uniswap Governance!
(We are now making the decision to delay deployment of Autonomous Proposals until this proposal has finalized; as the autonomous proposals factory contract depends on the governor address being fed to it in the constructor function.)
We strongly encourage all holders of Uni to vote ‘NO’ on this proposal to keep the quorum as the developers intended it.
In the future, we may consider a proposal to RAISE the quorum required in a way that correlates with circulating supply instead of total supply of the token, but we certainly can not support lowering the Quorum which presents a major security and sovereignty risk for the protocol.
Lowering the quorum creates the possibility for situations like the DAO hack where malicious proposals lost investors millions.
I will be voting NO on this proposal in approximately 24 hours.
This circulation serves as notice to my delegators of my stance on this issue and I encourage any of you with questions or concerns about my stance or vote to come and speak with me in the Uniswap discord.